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Quick bankng opinions wanted.
Posted by: wurm
Date: January 25, 2006 12:49PM
I'm going to be closing an online checking account. Would I be better off:

1. Writing myself a check for the full balance and depositing it in my local bank account?
2. Requesting a check from the online bank for the full amount?

Either way, I'll have to officially close the account in writing, but other than the speed with which I'd have access to the cash, is there any other real difference? Oh yeah, it might make a difference that the online bank in question is Citibank.
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Re: Quick banking opinions wanted.
Posted by: rgG
Date: January 25, 2006 12:52PM
I'm going to be doing that soon, too. I did the account to get the iPod mini last year. I was going to either e-mail them or call to see how to handle it. I don't want to screw up and have them try to charge me fees.





Roswell, GA (Atlanta suburb)
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Re: Quick bankng opinions wanted.
Posted by: wurm
Date: January 25, 2006 01:02PM
Be careful, rgG. I had moved the $1500 into a CD there, and it was up for renewal 12/30/05. I messaged them, telling them I did not want to renew, and requesting the procedure to follow. They replied, acknowledging my request and said they would send me a check for the balance. A couple of weeks later I received a piece of mail from them, and I opened it, expecting to see my check. Instead, it was a letter congratulating me on renewing my CD "according to the account agreement". Needless to say, I was on the phone with them post haste. I have names, dates and times of calls, and they made notes that there are to be no penalties of fees assessed.

It's been squared away, and the balance has been moved to my checking account there, which prompted the question above.

P.S. My daughter is loving the ipod mini. I ended up giving it to her for Christmas.
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Re: Quick bankng opinions wanted.
Posted by: macmom42
Date: January 25, 2006 01:39PM
I'll probably be doing the same thing soon, too. I just looked on their web site and in the book that they sent when I opened the account. I didn't see anything at all on the web site about closing an account, and the book says very, very little, so I'm guessing that we'll have to call them. They were helpful the one or two times I called not too long after I opened the account, but it was nothing very complicated. Whoever calls first, please let the rest of us know how it goes!



*************************************************************
"No matter where you go, there you are." - Buckaroo Banzai
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Re: Quick bankng opinions wanted.
Posted by: NewtonMP2100
Date: January 25, 2006 02:07PM
write the check. .. otherwise you don't know now long it will take to deliver the money. . .

then when the account is empty request to close it. . .

Make sure if it is an intereste bearing account that the day that interest is posted isn't soon. . .they might take the interest as penalty for not keeping the balance requirment so wait until the interest is deposited before writing the check. ..

good move by the way. . .Citibank sucks so does JP Morgan/Chase. . .



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I reject your reality and substitute my own!
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Re: Quick bankng opinions wanted.
Posted by: macmom42
Date: January 25, 2006 02:15PM
Well, the way they worked the citibank accounts with the iPod deal was that if your account fell below $1500 at any time you would be charged about $10 for each occurrence, so just writing a check or electronically transferring back to your regular bank and then closing the account would probably incur a fee. That's why we'll probably need to call them first so they'll know the accounts are being closed. The question then is how will they get your money back to you. I really don't feel like giving them even $10.



*************************************************************
"No matter where you go, there you are." - Buckaroo Banzai
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Re: Quick bankng opinions wanted.
Posted by: NewtonMP2100
Date: January 25, 2006 02:19PM
they can't charge you if the account is empty. . .I've done this with a few accounts (at least I made sure my balance was small and even and then withdrew the remaining balance from an ATM machine,as you can tell I don't got much, then requested account be closed)

It should work the same way. . .if your account is empty they can't sent you a bill for the fee, non?

or am I off base?



_____________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 01/25/2006 05:30PM by NewtonMP2100.
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Re: Quick bankng opinions wanted.
Posted by: wurm
Date: January 25, 2006 02:29PM
macmom42, if you got yours the same time I got mine, your "obligation" should be over as well. Check the dates in your fine print. As long as you kept the balance for the duration, and made the 2 payments per month for the required time, you should be fine.

I decided to just make my February mortgage payment through them, so that should clean out most of it. :-) Then I'll write myself a check for the balance and write them a letter closing the account. I am pretty certain you need to request in writing, the closing of the account. Although, as Newton implied, if there's nothing in it, they can't take anything. I think if it's dormant for ninety days, they'll automatically close it anyway.
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Re: Quick bankng opinions wanted.
Posted by: NewtonMP2100
Date: January 25, 2006 02:47PM
Yes, you should do it in writing though some banks will let you close by telephone (if you do it by phone as them to mail you confirmation).

Better to make sure it is closed then wait for them to close it for you. . .



_____________________________________

I reject your reality and substitute my own!
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Re: Quick bankng opinions wanted.
Posted by: rgG
Date: January 25, 2006 02:53PM
I think my 12 payments are up this month, but I was going to give it till sometime in February just to make sure they don't try to charge me any fees. I will be glad to get that account closed, but I have enjoyed the mini. I'm still waiting to see it they send out 1099s for the value of the mini and if they do what value they place on it.





Roswell, GA (Atlanta suburb)
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Re: Quick bankng opinions wanted.
Posted by: Michael
Date: January 25, 2006 03:01PM
Is there a low balance fee of some sort? If so, taking it all out can give you a negative balance if they assign the fee between your check cashing and their officially closing it. You might then get one of those relatively big charges for going negative.

I'd write a check for everything except what the low balance fee would be and then ask them to close it and send the rest.
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Re: Quick bankng opinions wanted.
Posted by: macmom42
Date: January 25, 2006 04:29PM
Excellent idea, Michael.

Newton, a big D'OH on my part regarding cleaning out the account. I should have thought of that, but then I haven't been thinking much today. Oh, and not to change the subject, but thanks for the Sharpie mini link awhile back. A lovely purple one showed up in the mail a few days ago. Boy, those things are expensive to buy, so I sure like the free one!



*************************************************************
"No matter where you go, there you are." - Buckaroo Banzai
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Re: Quick bankng opinions wanted.
Posted by: NewtonMP2100
Date: January 25, 2006 05:31PM
You're welcome and enjoy!

smiling smiley


I don't like big banks and have been screwed too many times by them so this way. . .they can't do anything like take weeks to send you the money in check form. . .or charge you any fees.

You make a clean break of it. ..



_____________________________________

I reject your reality and substitute my own!
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